9 Mission-Critical Reports for Actionable Asset Data
It’s great that you have an asset management system, but how do you use it effectively? One key is to think about all of the key people within your organization, and what matters most to them with regards to assets.
Before you had an asset system, these people would need to request asset data, and you may have had to manipulate spreadsheets and other documents to fulfill their needs. With an asset system in hand, standard and ad-hoc reports can be utilized alert you or others when actions need to be taken. These folks may not be in your system day to day, so reports are a great way to give them insight and the tools they need to do their daily tasks.
So, today, we’re going to dive into 9 key reporting functions you need for actionable data.
1. Assets by Person Responsible
In an organization, it is critical to know who is responsible for each asset. This is critical to gaining an overview perspective of each asset’s custody. The report can greatly assist when off-boarding an employee, so that assets are returned to the organization prior to the employee’s exit. If you have assets currently assigned to an inactive employee, this report can trigger an audit of the assets currently assigned to this inactive employee.
2. Assets by Location
A basic attribute of an asset is its location. Many systems provide multiple levels of locational hierarchy, which can go a long way to pinpointing assets when needed. It can also help during a physical inventory audit. This report can provide you with an understanding of how many of the same asset are in one location. It may be able to move assets to other locations if there’s a surplus of that asset type within a single location. This can save the organization money spent on purchasing excess assets because somebody was unaware that the asset existed in a different location.
3. Assets Needing Audit
Regular physical inventory audits are mandatory in most organizations. An asset system may allow you to define the assets required for an audit event. When an audit begins, these assets will display on an Assets Needing Audit report. This report will be even more important during the reconciliation process, after the audit is complete. That is when the report will identify those assets which were not found during the audit. You can then determine if these assets are truly missing, if they were lost or stolen, and if the assets need to be disposed.
4. Assets Needing Maintenance
Your organization may break up this report into multiple maintenance reports. Maintenance reports should identify assets requiring preventative maintenance, when that maintenance is due, and which employee is assigned to the maintenance. Unfortunately, not all preventative maintenance is conducted on time, so a Maintenance Past Due report is extremely helpful in these instances. By seeing this report, a determination can be made on priority maintenance events, and a timeline on when this maintenance can be performed.
5. Assets Expiring
Expiration can mean a number of different things. In much of the asset management world, these dates can be used for software license expiration, warranty expiration, or support expiration. In certain cases, like with medical supplies, identifying assets that will soon expire or have already expired can be a life and death situation. In addition to identifying expiring assets, other reports listed here can be used to determine if you have assets ready to replace the expiring assets, or identifying if you need to order more assets.
6. Assets Checked Out
Assets should always have a person responsible, but this is not always the person who has the assets. An Assets Checked Out report enables you to view which assets are checked out to employees. This way you can quickly locate an asset if you need it somewhere else, or if you need to audit it. Check out reports should also identify what assets are due back or past due.
7. Assets Disposed
Disposing and retiring assets is a basic function of any asset management system. A Disposal report will allow you to view the assets which have been disposed of. You can then verify that these assets should have been disposed of; if they shouldn’t have been disposed of, you can reactivate an asset. When going through the asset disposal process, this report will also enable you to verify you’ve retired all assets due for retirement.
8. Asset History Report
An asset management system should track the entire history of each asset. The system should track the date and time a change was made, who made the change, and what values have changed on the asset detail. If there are questions regarding an asset, this report is the key to identifying previous values, and quickly identifying who can explain why the changes were made.
9. Assets Missing Data
This feature is often overlooked within our day-to-day activities. However, identifying key data elements missing from your asset details can go a long way to improving the cleanliness of your asset system’s data. The reports I’ve listed in this article are only as good as the data within your system. Filling in the gaps is vital to ensuring the data displayed on your reports is accurate and complete.
I’ve listed 9 reports here, but there are many others which are critical for property managers. Reporting features are a standard function of an asset management system; however, the reports need to be flexible enough to ensure that you are able to report on the data you need. Always remember that bad data in means bad data out, so make sure that your asset data is accurate and complete. This will ensure the reports you utilize provide you with the correct, actionable information.
Now that you’ve found useful asset reports to use, why not compare them to your Key Performance Indicators? A combination of Key Performance Indicators and strong reporting empowers you and your organization with a wealth of data.